Worldwide spending on blockchain solutions is expected to rise by over 80 per cent this year to $2.7 billion (€2.4 billion), according to a new forecast.
Moreover, research company IDC estimated that the amount invested in blockchain will jump to nearly $15.9 billion in 2023.
The company said it expects spending to grow at a “robust pace”, with a five-year compound annual growth rate (CAGR) of 60.2 per cent between 2018 and 2023.
The banking sector will account for roughly 30 per cent of total spending over the forecast, deploying the technology in areas such as cross-border payments and settlements.
Read more from the source: Spending on blockchain set to reach nearly $16bn by 2023